The Most Important Benefit of the ETF Approval .:. #MyHiveGoals 2024
Everyone shot their opinion about this BTC ETF thingy in the first two days, so when we have cooled down, I could share my humble, non-expert, noob-ish opinion about it...
Was it a manipulation? Where did they buy their BTC if the price didn't move up? How the heck did the price go down when we were brainwashed that we would see 50-55K Bitcoin on the first day of ETF? Is it possible that every single person pulled out their funds from GBTC and dropped on the market and that's why it went down 20%? So many questions and nobody has exact answers, but everyone tries to give their best shot...
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You know my opinion about these "predictions" and you know my favorite reply that I like to post in the form of the GIF...
GIF by tenor.com
I don't have a crystal ball I DON'T KNOW where will go and I DON'T KNOW the answers to the question listed above... I can give my opinion, but that will not change anything and probably give you a fake feeling of calmness, or stress... So, I will not go into it at all...
What we can say for sure is what we can see happening... Having these ETFs approved has its pros and cons... Regarding cons, I would say that in some way, we could say that we created something great (BTC), and give them to use and make money from it... On the other side, plenty of other cryptocurrencies are not "theirs", if you want to play that card...
On the other side, PROS are significant! Do you remember how Bitcoin (and other cryptocurrencies) were presented in public and mainstream media for the last 15 years? It was used for all possible criminal activities, all terrorist attacks in the last decade were funded by crypto and other crap like that...
Luckily for us, these big companies that run the world wanted part of the cryptocurrency cake... They couldn't watch anymore how trillions of dollars are traded and they are not taking their fees... When the volume passed a certain number, all those wars, terrorists, and drugs, became irrelevant and they put pressure on governments to "legalize" crypto... They don't care about decentralization, they don't care about self-custody, they don't care about your freedom of choice, but they do care about FEES and MONEY...
Now, when they are on "our side" they are doing the job which we couldn't do as we don't have access to mainstream media... On the other side, these companies OWN media all around the globe... And from day -1 they have already launched marketing campaigns to "sell their BTC product"... The past is forgotten... No more terrorists can use BTC when they are selling it... 😃
Now, imagine how we "survived" and THRIVED all these years of all that negative marketing about crypto and how the values went up... Imagine what is the potential of all that, but this time with the POSITIVE BRAINWASHING from these companies? That's the most important benefit of the ETF approvals!!
The only way is up... Zoom out the picture and enjoy the ride!
Let's go back to #MyHiveGoals as I almost forgot that I wanted to do my report about my weekly progress... :)
screenshot from hivestats.io
This year, I will try to not go deep in my goals stats week by week... Also, I will probably skip some reports, depending on my free time, but definitely, I will not stop following my goals and working on them!
It's time to update the numbers and put them into the spreadsheet until the next week! So, freshly updated numbers for #MyHIVEGoals, on January 14th, 2023 are:
As you can see, I have accumulated an additional 264 HivePower during this week, which isn't a bad result at all... If I split the needed amount of HivePower per month to reach my 100K goal, I would need around 1600 HP per month... If I divide that further, that's around 400 HP per week... So, I'm a bit short, but I expect that it will be better in the next weeks/months...
Regarding my Liotes Diesel Pool goal, I have added 76 shares during this week... If I do a similar calculation for this goal as I did for HP, I would need around 55 shares per week... This means that I did better this week!
Finally, my Rising Star goal is doing slower than expected as I used this first week to check out market prices of some older cards as I want to create a buying strategy... I did buy a couple of cards besides my regular packs opening, but I will go much harder into buying soon... All in all, I have added 212 NFTs to my collection... The needed weekly amount for this goal is around 300 cards per week...
These were my initial numbers and goals for 2024, created on January 7th, 2024...
MyHiveGoals 2024 Edition - The Beginning!
Join me in this awesome #MyHiveGoals and let's grow together! It is fun, motivating, and will keep you focused!
Thank you for your time,
~ph~
PS. None of this is financial advice of any kind...
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Don't forget to follow, reblog, and browse my Hivepage to stay connected with all the great stuff!
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You would think Larry Fink has been a Bitcoin Maxi from Day 1 the way he talks about Bitcoin now. Plus Bitcoin is now on the first page of all their selling prospectuses as the latest new product. 😅
Ahahahaah... It is exactly as you said... Nobody knows who is Michael Saylor anymore, as Larry Fink is the main Bitcoin bull of all bulls... As usual, people will swallow that pill, but in this case, I don't mind... lol... Let them shill our bags!
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So you mean the price if BTC was manipulated?
It’s really crazy how the price went up on that day and the fall was as quick as the rise, lol
I’m one of those who are currently running a loss because of that
It depends on what you call manipulation... But, in the end, it was the traditional, sell-the-news event... IMO, they have prepared their BTC for buying before the official launch and most trades were OTC, except sales from GBTC holders... that's one of the reasonable answers for price drop... Anyways, I think all that is just a short-term thing...
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I believe strongly that this etf approval will help the Crypto space to open way in several dimensions
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I think the ETFs are bullish overall for crypto because it makes it easier for people to get involved in crypto but it also means that the crypto will be centralized more. I do think that the price can be manipulated because there are quite a few whales with a lot of BTC on those exchanges. The new funds will have more capital so they can mess with things.
That is true... It is a threat that it will be more centralized... Luckily, we have other tokens that are still "free" of WallStreet boys...
And I agree with you regarding manipulations... They will be possible if there is no control of ETFs REAL BTC holdings... If not, they will repeat the thing like with gold... selling your paper which says that you have some gold with them, and there is no proof that they do have it for realz...
I think it's really interesting and a bit amusing how the narrative changes when these big corporations became interested in the space. They took a good turn and now they're doing most of the heavy lifting for us :)
Exactly! That was exactly the point of this post! To show how they will do the job for us! We need something like that for HIVE... That they do marketing for us... 😂
Lol, yes, we definitely do! They can expand our reach to the masses and pump our bags during the process :)
https://twitter.com/LovingGirlHive/status/1746887195234070927
Yeah I was following the news too! I think the approval gave cryptos a little bit more legitimacy and recognition. Interestingly at such 40k-ish levels, I don't see much interest or discussion among my non-crypto friends yet - which means there's still quite some way to go!
Did you consider buying the ETF? Haha!
Hahahaha... Yeah, right... Why would anyone who is already in crypto buy that? 😃 My keys, my cripto! 😃
Yeah that's true!
Great growth on your Hive Goals there Zoltan, and interesting thoughts about the BTC ETF, the big guys certainly want their share of the pie, keep growing and stay awesome.
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Thanks for picking my post! IMO, the most important is that the "big guys" will be selling our bags... Mission accomplished! 😃
Lol.
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The shift in sentiment for crypto is hilarious, especially when non-cryptonians are turning a blind eye to the shift in sentiment just because of the ETF. They want in because there's money to be made. That's it. They couldn't care less if its innovative or disruptive.
Unfortunately, that's the "image" of our current state of mind and society... Everything is so shallow and easily manipulated... But, even though all these real values that blockchain tech and crypto bring will never come to the masses, there is an option to live "in the real world"... We didn't have that before, and I'm thankful that we do have!
It looks like watching Matrix dozens of times created a huge impact on me... 😂
Your post brought to my attention the exorbitant fees taken by Binance in their futures. Even if btc climbs it may not be because of the frenzied ETF approval, maybe because of the halving.
I wish you good luck with meeting up with your 2024 hive goals.
There are multiple potential catalysts for the BTC bull run... and suppressing all that or manipulating the price down will be a challenge... It's hard to imagine the end of 2024 with the lower price of BTC than it is now...
Nice work. I wish the principal mission is not lost now that Larry Finch is seen as the principal figure.
!CTP
The "mission" will change, but there are plenty of cryptos out there that can continue with the "mission"... ;)
Well that may be good
People are so quick to say that ETF has failed, they don't know what it is and what effect we will see on the market in the near future.
Not many people understand what ETF is and how it works... Especially as most are locked in the short-term mindset...